In fact, this lend-n-pray approach may quickly lead to the exit of weaker members. A collapse of the euro will send shock waves through the global financial system. At a time when growth is close to zero or negative in the West; China's GDP growth is slowing; and Indian manufacturing growth has nearly stalled, that would only deepen the recession.
Meanwhile, as the euro slips closer to the cliff, European finance ministers fiddle, France and Germany duel verbally and the rest of the world's leaders kick the can down the road.
Under such circumstances, one thing is clear: Wolfson's money is safe. Your money is not.
(This article was previously published at www.indrus.in)
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